If you Google “Forex Broker” you will find more results than there are currencies to trade. Unfortunately, not all brokers are alike. It’s no wonder that people don’t know how to choose a great Forex Broker. Here are some questions to help you make your choice.
Are they a regulated broker?
Never trust your funds to a broker who isn’t registered with any regulating authorities. Regulating authorities protect the public from fraud and abusive practices. A reputable broker will be registered with them and comply with their principles.
Do they offer access to a variety of trading instruments?
A Forex broker should offer you ETFs, Futures, and CFDs including commodities, stocks, indices and equities. This gives you the ability to manage all of your trades in the same place.
Do they offer a variety of platforms?
In today’s world, traders want the ability to trade anytime and anywhere. A broker who is keeping current with the times is offering mobile trading apps as well as the popular MT4 platform among the available choices.
Are their spreads tight?
A tight spread is important to your trading success. A wide spread will hamper your trading ability and force you to wait longer to make a profit.
Do they accept a variety of funding methods?
Some brokers will only accept wire transfers or credit cards. Choosing a broker who allows a variety of funding methods increases your options and adds to your convenience.